DDM Analysis: 603500.SS

Valuation Snapshot

Stable Growth	$5.22 - $8.61	$6.73
Multi-Stage	$5.53 - $6.06	$5.79
Blended Fair Value	$6.26
Current Price	$11.19
Upside	-44.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.34%	4.68%	0.11	0.10	0.11	0.10	0.16	0.11	0.08	0.08	0.21	0.19
YoY Growth	-	-	2.72%	-4.63%	6.72%	-37.31%	50.00%	36.96%	-5.91%	-60.98%	11.61%	186.30%
Dividend Yield	-	-	1.41%	1.36%	1.17%	1.16%	2.58%	1.57%	1.06%	1.00%	3.09%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.42
(-) Cash Dividends Paid (M)	3.98
(=) Cash Retained (M)	142.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.28	18.30	10.98
Cash Retained (M)	142.43	142.43	142.43
(-) Cash Required (M)	-29.28	-18.30	-10.98
(=) Excess Retained (M)	113.15	124.13	131.45
(/) Shares Outstanding (M)	328.70	328.70	328.70
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	9.69%	9.69%	9.69%
Growth Rate	2.68%	3.68%	4.68%
Fair Value	$5.22	$6.73	$8.61
Upside / Downside	-53.34%	-39.89%	-23.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.42	151.80	157.39	163.18	169.19	175.41	180.67
Payout Ratio	2.72%	20.18%	37.63%	55.09%	72.54%	90.00%	92.50%
Projected Dividends (M)	3.98	30.63	59.23	89.89	122.73	157.87	167.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.69%	9.69%	9.69%
Growth Rate	2.68%	3.68%	4.68%
Year 1 PV (M)	27.65	27.92	28.19
Year 2 PV (M)	48.28	49.23	50.18
Year 3 PV (M)	66.17	68.12	70.11
Year 4 PV (M)	81.56	84.79	88.11
Year 5 PV (M)	94.73	99.43	104.32
PV of Terminal Value (M)	1,499.57	1,574.02	1,651.41
Equity Value (M)	1,817.96	1,903.51	1,992.32
Shares Outstanding (M)	328.70	328.70	328.70
Fair Value	$5.53	$5.79	$6.06
Upside / Downside	-50.57%	-48.25%	-45.83%

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Zhejiang Tiantai Xianghe Industrial Co.,Ltd. (603500.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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